USDA interim finance
Awaiting a loan under the USDA guaranteed program?
Get funds faster with Growth Lending
Bridge the gap between application and approval with interim finance starting at $2.5m. Get fast access to the capital your business needs and start your growth plans today.
We work collaboratively with your USDA lender to provide funds before the USDA has approved the guarantee. These fast and flexible funds mean that you can start your project quickly, instead of waiting for many months for your approval to come through.
We support the following loan programs within the USDA OneRD Secured Loan Initiative; the Business and Industry Guarantee (B&I) Guaranteed Loan Program, the Rural Energy for America Program (REAP), the Water and Waster Disposal Loan Guarantee Program, and the Timber Production Expansion (TPEP) Guaranteed Loan Program.
Why choose Growth Lending for USDA interim finance?
Accelerate your growth plans
Secure funds immediately once your application has been submitted to the USDA, without the delay of waiting for the USDA guarantee
Flexible use of funds
Use the cash for the same purposes as your initial application – from acquiring another business to construction or expansion, or for upgrading equipment
We work with all USDA lenders
We do not compete with your lender – we work alongside them to provide fast, interim funds that bridge the gap between the application submission and guarantee approval from the USDA
Jeff Vernetti
General Manager
Ballparks National
“This has been a seamless process for us and we are very grateful to the professional team at Growth Lending for their support. They communicated well throughout the process and enabled our project to remain on schedule.”
How does USDA interim finance work?
Growth Lending can accelerate cash ahead of your USDA loan in two different ways:
- Your USDA lender has approved your loan and you are waiting for the USDA to provide a guarantee – this takes six months or longer, so we provide and interim solution.
- You do not have a USDA lender yet, but need cash to start your project (acquisition, construction, equipment) – in this instance we work with a USDA approved lender to initiate your application and underwriting, and will offer interim financing once the application has been submitted to the USDA. Once the USDA guarantee has been approved, the other lender will close the USDA loan and pay off Growth Lending.
Speak to a member of our USDA interim finance team for more information:
Or submit an enquiry
Ready to get growth going? Let’s see how we can support you.
Drive
Start projects sooner with capital that bridges the gap between USDA application and approval
Flexibility
Get complete visibility of your funding timeline, so you stay in the driving seat
Speed
Receive funds quickly
FAQs
There are a number of different guaranteed lending schemes supported by the US Department of Agriculture, both for businesses and individuals – the full list of programs can be found here.
Growth Lending supports several of the programs aimed at supporting businesses and these include:
- Business and Industry Loan Guarantees
- Rural Energy for America Guaranteed Loan Program
- Community Facilities Guaranteed Loan Program
- Water and Waste Disposal Loan Guarantees
For more information about the specific programs that we support and to find out whether your business qualifies, please get in touch with one of our lending experts.
Most businesses that have applied for a loan under the USDA guaranteed lending program will be a good fit for USDA interim finance.
Loosely, the criteria for a USDA B&I guaranteed loan includes:
- For profit or non-profit businesses
- Co-operatives
- Federally recognised tribes
- Public bodies
- Individuals engaged or proposing to engage in a business
If you are in the process of applying for a loan under the USDA guaranteed lending program, it is worth getting in touch with one of lending experts and finding out more about how USDA interim finance could sit alongside your application and support your growth plans.
To apply for a loan under the USDA B&I scheme a business must be located in an eligible area, defined as:
- Rural areas, not in a city or town, with a population of more than 50,000; or
- Headquartered in a larger city, as long as the project is located in an eligible rural area
Eligible use of funds include, but are not limited to:
- Purchase and development of land, buildings and associated infrastructure for commercial or industrial properties
- Business conversion, enlargement, repair, modernization or development
- Purchase and installation of machinery and equipment, supplies or inventory
- Debt refinancing, when such refinancing improves cash flow and creates jobs
- Business and industrial acquisitions, when the loan will maintain business operations and create or retain jobs
This is not an exhaustive list and you may face additional requirements specific to your USDA lender. If you think you may be a good fit for a USDA loan, reach out to lending experts who will be able to advise on next steps.
The first step is to get in touch. If you think USDA interim finance would be a good fit for your business, you can reach out to a member of our expert lending team or use the form above to request a chat.
We can then liaise with your existing USDA lender and obtain the relevant information we need to move things forward.
USDA B&I is a program which offers guarantees to commercial lenders, designed to support credit-worthy rural businesses obtain much-needed loans to grow their businesses. Improved access to capital for these businesses is part of the USDA’s aim of creating and retaining jobs in rural America.
USDA REAP provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems, or to make energy efficiency improvements.
Agricultural producers may also apply for loans to invest in new, energy efficient equipment and new systems for agricultural production and processing.